Ethena (ENA) trading bots
ENA bots on Circuit
5 public bots trade the ENA perp on Hyperliquid right now. Each one runs on its owner's wallet, and every trade it makes is public on its page.
ENA is the governance token of the Ethena protocol. Per Ethena's docs, ENA holders vote on the assets that back USDe, new backing strategies, revenue allocation and the Risk Committee. Ethena backs part of USDe with a crypto basis trade: spot assets paired with short perps so the position is delta-neutral and collects funding.
As of October 2026 the ENA perp trades on Hyperliquid at up to 10x, with 5% maintenance margin, and on Lighter.
ENA appears in Circuit bots that rotate across DeFi tokens, such as breakout rotations that buy the strongest DeFi names at low leverage and baskets that go long top DeFi protocol perps. The delta-neutral strategies guide explains the same funding trade Ethena runs, if you want to run a small version yourself.
ENA governs a protocol whose yield comes partly from funding. In long stretches of low funding that yield shrinks, which makes ENA a poor hedge for a funding strategy. Size it like any mid-cap DeFi token, with a stop.
Most-run ENA bots
| Bot | Creator | Venues | 30-day return | Running |
|---|---|---|---|---|
| Top 10 DeFi | circuit | Hyperliquid | +0.34% | 12 |
| Ride the Leaders | circuit | Hyperliquid | +6.28% | 10 |
| DeFi Breakout Rotation | swanebrain | Hyperliquid | +2.31% | 5 |
| Positive Catalyst | foobarprod | Hyperliquid | -32.41% | 1 |
| Top 10 Majors | circuit | Hyperliquid | +6.04% | 0 |
Returns are each bot's own record across everyone running it. Past returns don't predict future results.
Related guides and strategies
- Delta-neutral crypto strategies
Hold spot and short the perp to earn funding without betting on price: carry and basis math, liquidation risk on the short leg, and a bot that runs it.
- Crypto index baskets
Hold themed crypto baskets such as top DeFi, AI or meme tokens in a wallet you hold in Circuit, rebalanced by a bot on the schedule you set.
- Funding rate arbitrage scanner
Compare hourly funding on Hyperliquid and Lighter, annualize it with the math shown, and build a scanner bot that checks persistence, open interest and fees.